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. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business groups sent a letter to leaders of congress asking them to do tax reform to lower tax rates and also address entitlement reforms. >> shepard: democrats say they want more revenue, more taxes here. what about entitlement changes? >> well, any time you start talking about tweaking these programs, there are groups in washington around the country that mobilize to try and stop cuts. the number two senate democrat, dick durbin, says he'd be open to look at entitlements, but not part of the fiscal cliff talks. here is the senate majority leader's view. >> at the meeting we had that i mentioned with president and the four leaders, president obama said that social security is not part of what is what we're going to do in this. i agree with him. and there are things that i personally believe there are thing
deficits it, to streamline our tax system. to do it in a balanced way. including asking the wealthiest americans to pay a little more. >> the problem with that strategy is that republic leaders are insisting that they don't want to take a framework for spending cuts down the road in exchange for tax changes now. they want it all done at the same time so that they can be sure that if taxes are going up on the rich, that in fact some of those spending cuts to bring down the debt will actually materialize. it might make it more likely to go of 00 cliff even though the president insisted today he thinks there will be a deal within weeks, shep. >> shepard: as for extending tax cuts for middle class americans it sounds like there is some agreement on that matter. >> it sounds like some republicans rank and file republicans are starting to turn away a little bit from speaker john boehner. tom coal rank and file member. is he part of the leadership but from oklahoma and basically said today extend them for the large majority for the middle class and come back and fight it out in january instea
international and irskin bowles are amongst those scheduled to attend. half the bowls simpson deficit planned and laid out own formula to save $2 trillion. it is clear republicans like his ideas which would generate $800 billion in revenue through tax reform. meanwhile so much tax reform about allowing the bush tax cuts to allow the wealthy tox expire cost $9.69 billion a day to run. estimated additional revenue from allowing the bush tax cuts to expire would generate an average of $82.4 billion a year. so the money saved would run the government for 8 and a half days, shep. >> shepard: mike emanuel live in our newsroom. warning from the white house tonight. it says americans who may do less holiday shopping this year because they are worried about possible tax hikes in january. if we do go off the cliff, the white house is predicting more serious consequences for the entire economy. a lot of details here and they are coming up inside fox report. well, just hours remain in what is expected to be the biggest online shopping day ever. the research firm core score predicts americans will spend $
Search Results 0 to 2 of about 3